Copper futures (₹1,368/kg) has been in an uptrend for over a month now. Recently, after a minor correction, the contract rebounded from the support at ₹1,325. The prevailing price action shows further strengthening is very likely.The August futures, which bounced off the 21-day moving average at ₹1,325 last week, has surpassed the resistance at ₹1,360, opening the door for further rally.Although there is a hurdle ahead at ₹1,375, given the momentum, we expect copper futures to surpass this and rally to ₹1,400 in the near-term. A breakout of this can lift it further higher to ₹1,430.On the other hand, if the contract declines from the current level and breaches the support at ₹1,325, it might lead to a deeper decline, possibly to ₹1,300. A breach of this can turn the near-term outlook bearish. Support below ₹1,300 is at ₹1,275.Trade strategyLast week, we suggested buying copper futures (Aug) at ₹1,322. Retain this trade but move the stop-loss higher from ₹1,300 to ₹1,345. Book profits at ₹1,395.Published on August 5, 2026